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Anti-money laundering plan launched
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The central bank, along with relevant departments, has released China's first plan to tackle money laundering. Coordination of a whole range of strategies is vital.
China will build its own anti-money laundering system in the new year, drawing on international standards. Several tasks include improving the legal system for punishment, building anti-terrorism networks, improving supervision, setting up systems for non-financial institutions, strengthening cooperation between government departments, cultivating experts, actively cooperating with international agents and tracking money movement overseas.
PBOC Vice governor Su Ning said, "Our work is gradually expanding from financial institutions to non-financial institutions. Lotteries and clearing institutions are not financial institutions, but they may become channels for money laundering."
The central bank has examined over 3 thousand financial institutions this year. More than 500 of them have been punished for violating rules.
To better crack down on money laundering, some countries including the United States, Britain, Russia, South African have launched national strategies. In 2006, China released its first anti-money laundering law. In 2007, the nation joined an international organization to fight money laundering.
